Ripple XRP, One Month Trend: Technical Analysis and Projections

INTRODUCTION

MoneyGram, a major cross-border remittance company, recently reports a quite quarter following its partnership with Ripple XRP.

Alexander Holmes, Chairman of MoneyGram at an earnings call for Q1 2020, revealed that it’s been a quiet quarter since the company partnered with the blockchain company Ripple XRP.

The partnership with the Nasdaq-listed money transfer company back in June 2019 had initial terms set to two years for a capital commitment of about 50 million USD over 24 months in exchange equity.

MoneyGram CEO commented that Ripple is yet to solidify its services or target market and the NASDAQ listed company won’t be leveraging in its core markets, but seek more growth in newer markets.

Also, in the news, Ripple’s XRP sales collapse to $1.75M as the company’s On-Demand Liquidity network grows in popularity. An increase in dollar value transactions using the ODL by over 294% shows a positive outlook towards the XRP and increase confidence among token holders.

In this post, we’ll analyze the monthly trend of XRP paired against the USD and the BTC. Let’s move on.

Technical Analysis

XRPUSD: Monthly

Monthly Resistance XTZUSD Levels: 3.3170

Monthly Support XTZUSD Levels: 0.29699, 0.14811, 0.00799, 0.0030

Ripple has been in a bearish trend since the number three cryptocurrency established its all-time high 3.3170 on 01 December 2017.

Bearish momentum starts to slow down upon entering the 01 October 2017 support zone (0.29699), while the bulls build up a regular bullish divergence of the stochastic oscillator.

A breakout above the second trend line of the Chuvashov’s fork after exiting the support zone will confirm the bottoming of the corrective phase and a surge in the XRP price to the upside.

On the other hand, if the bears force the XRP price to close below the 0.14811 support zone, we should expect a continuation and a prolonged bearish price slump.

XRPUSD: Weekly

Weekly Resistance XTZUSD Levels: 0.76440, 0.56500, 0.34520, 0.31491

Weekly Support XTZUSD Levels: 0.1140, 0.17595, 0.19635

Looking at the weekly chart of the XRPUSD above, we noticed that the pair has been in a bearish trend since the 17 September 2018 resistance zone.

Notice how the bulls struggle to restore the XPR price higher but fail to the resistance zones after signaling a series of bullish divergence patterns.

Although the XRPUSD exchange rates have been rising for about a month now, we expect to see a slowing of the move upon entering the 20 October 2019 resistance zone (0.24715 – 0.31491).

XRPUSD: Daily

Daily Resistance XRPUSD Levels: 0.34088, 0.31013, 0.24273

Daily Support XRPUSD Levels: 0.1140, 0.17589, 0.20570

Aligning with the 06 March 2020 resistance zone, the MA-200 stops the bulls from further advancement after a price increase of about 107.0% from the 13 March support.

A breach of the resistance zone will confirm a continuation of the bullish trend towards the 13 February 2020 resistance zone this month.